A UAE-backed investment vehicle quietly agreed to buy nearly half of World Liberty Financial, a cryptocurrency startup linked to President Donald Trump, just days before he returned to the White House, according to a report by The Wall Street Journal.
Aryam Investment 1, an Abu Dhabi entity backed by Sheikh Tahnoon bin Zayed Al Nahyan, signed a deal in January 2025 to purchase a 49% stake in World Liberty Financial for $500 million, the Journal said, citing documents and people familiar with the matter. Half of that amount was paid upfront, sending $187 million to Trump family‑controlled entities, with additional tens of millions flowing to entities tied to co-founders, including relatives of US Middle East envoy Steve Witkoff, according to the report. The agreement was reportedly signed by Eric Trump. The Journal noted that the deal had not been publicly disclosed at the time, even as World Liberty later disclosed that the Trump family’s stake had fallen sharply.
The collaboration sits at the intersection of geopolitical investment, crypto fundraising, and political entanglements that have periodically resurfaced in Washington and on Wall Street. While the deal was described as a purely private transaction between Aryam Investment 1 and World Liberty Financial, it has drawn scrutiny because WLFI’s own governance model channels a substantial portion of token revenue to entities tied to the Trump family, raising questions about conflicts of interest and governance integrity in crypto ventures with political stakes.
Tahnoon’s ambitions grow after Trump election
Tahnoon bin Zayed Al Nahyan, the UAE president’s brother and the country’s national security adviser, has positioned Abu Dhabi as a global hub for artificial intelligence and high‑tech investment. During the Biden era, his push to license and secure advanced U.S.-made chips faced obstacles amid concerns about sensitive technology reaching China, including through firms associated with the UAE’s tech giant G42. After the 2024 election, a shift in emphasis appeared to accelerate collaboration with Washington on AI and semiconductor access, with Tahnoon meeting repeatedly with Trump and senior U.S. officials as policymakers weighed new frameworks for tech collaboration and export controls. Within months, reports emerged of the United States committing to provide the UAE access to hundreds of thousands of advanced AI chips annually, a development observers tied to a broader strategy of aligning security interests with technology partnerships.
The Journal noted that executives from G42 helped manage Aryam Investment 1 and took board seats at World Liberty as part of the deal, effectively making Aryam the startup’s largest outside shareholder. In the meantime, another Tahnoon‑led firm, MGX, reportedly used World Liberty’s stablecoin to complete a $2 billion investment into Binance—a move that occurred weeks before the U.S.-UAE chip framework was announced. WLFI’s governance structure has remained controversial, with critics arguing that a majority of token revenue ultimately flows to entities tied to the Trump family, potentially influencing outcomes in a project that operates at the confluence of crypto finance and political influence.
World Liberty and the White House have publicly denied any wrongdoing. Spokespeople told the Journal that President Trump was not involved in the deal and that it did not provide any leverage over U.S. policy. The company and its supporters argue that private sector investments in digital assets are common and should be judged on commercial grounds rather than political implications. Still, the ties between a state-backed investor, a Trump‑connected crypto project, and a governance model that centralizes revenue on a single family’s entities have kept the story in lawmakers’ sights and on the radar of crypto watchers who track how policy and capital interact in the sector.
Recent reporting has underscored the broader risk landscape surrounding WLFI and its token sales. In particular, U.S. lawmakers have raised concerns about whether WLFI conducted governance token sales in ways that could circumvent sanctions regimes or enable illicit actors to gain influence over a high‑stakes crypto enterprise. The debate intensified as critics pointed to blockchain addresses associated with sanctioned actors and other regions that the Wall Street Journal’s reporting connected to WLFI token dynamics.
World Liberty faces US probe calls
Last year, Democratic senators urged regulators to scrutinize WLFI’s token offerings amid concerns about improper governance and potential links to sanctioned entities. In a November letter to the Justice Department and Treasury, Senators Elizabeth Warren and Jack Reed cited claims that WLFI governance tokens were moved through blockchain addresses linked to North Korea’s Lazarus Group, as well as entities with Russian and Iranian associations. The letter urged authorities to examine whether WLFI’s sale and distribution practices violated existing sanctions or other federal rules. The controversy has been further complicated by WLFI’s ownership structure, which concentrates token revenue in Trump family‑affiliated channels, raising questions about governance and accountability in a political‑crypto hybrid business.
- The WSJ’s reporting on Aryam Investment 1’s $500 million stake in WLFI and the related cash transfers to Trump family entities.
- The involvement of G42 executives in Aryam’s governance and the board seats they secured at World Liberty.
- Regulatory and congressional scrutiny over WLFI token sales, including a November letter from Warren and Reed citing sanction concerns.
- Public denials from World Liberty and the White House about any wrongdoing or policy leverage arising from the deal.
Why it matters
The episode spotlights how geopolitical capital, crypto fundraising, and political entanglements can intersect in ways that prompt questions about governance, transparency, and risk management in digital-asset ventures. When a state-backed investor channels hundreds of millions into a crypto startup that ties revenue to a political family, observers worry about conflicts of interest, the potential for policy influence, and the adequacy of independent governance in a sector that remains under intense regulatory scrutiny.
From a policy perspective, the arrangement underscores the ongoing challenge for regulators and lawmakers: how to distinguish legitimate strategic investment from arrangements that might create perverse incentives or circumvent safeguards. The scrutiny over WLFI’s token sales—tied to sanctioned actors per a congressional letter—highlights the delicate balance between encouraging innovation and enforcing sanctions, anti-money-laundering, and know-your-customer standards in a rapidly evolving ecosystem. The denials from WLFI and the White House provide a counterpoint, but they do little to quell broader questions about accountability when political and financial interests converge in crypto ventures.
For the market, the case reinforces the importance of clear disclosures and robust governance when politically connected entities participate in crypto projects. It also signals that geopolitics can continue to shape investor sentiment and regulatory expectations in crypto, influencing which partnerships endure and how tokens are valued. As the U.S. and its allies negotiate frameworks around technology sharing, export controls, and AI governance, the fate of WLFI and similar ventures may hinge on whether transparency and independent oversight can withstand heightened political scrutiny.
What to watch next
- Regulatory responses: any formal inquiries or filings related to WLFI’s token governance, sanctions implications, or the Aryam‑World Liberty arrangement.
- Public disclosures: whether WLFI or World Liberty release additional details about ownership, token distributions, or new governance clauses addressing revenue flows.
- Policy developments: updates to the US‑UAE chip framework or related AI export controls that may affect future cross‑border crypto investments.
- Governance shifts: any changes in the board composition of World Liberty and how those changes influence decision‑making and fund flows.
Sources & verification
- Wall Street Journal reporting on Aryam Investment 1’s 49% stake for $500 million in World Liberty Financial, including the upfront payment to Trump family entities.
- WSJ coverage of G42 involvement and board appointments as part of the World Liberty deal.
- Senators Elizabeth Warren and Jack Reed’s November letter to the Justice Department and Treasury regarding WLFI token sales and sanction‑related concerns, cited in public reporting.
- Public denials from World Liberty Financial and the White House about wrongdoing or policy leverage arising from the deal.
Market reaction and key details
The broader market context for this development is one of ongoing scrutiny around crypto fundraising, governance, and political entanglements. While the deal underscores how strategic state-backed capital can intersect with crypto startups, it also underscores why investors and policy makers alike are watching how these relationships are disclosed and governed. In a sector that prizes speed and secrecy, the need for transparent governance structures and clear accountability mechanisms has never been more evident. The interplay between geopolitical interests, high‑profile personalities, and digital asset ventures will likely continue to shape both policy debates and market behavior in the months ahead.
